Revealed – where the UK’s property millionaires live

Revealed – where the UK’s property millionaires live

16:00 PM, 24th March 2011, About 13 years ago

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The number of millionaires in the UK is rising – and is expected to grow by a third by 2020.

Around 619,000 millionaires live in the UK – with 86,000 of them worth more than £5 million.

The figures include landlord property, like buy to let portfolios.

The National Lottery has created 2,500 of these millionaires.

Barclays Wealth, part of Barclays Bank, released the figures in a survey.

Research revealed the number of millionaires is recovering from the downturn after slumping to 528,000 in 2008.

The report also maps wealth across the UK for the first time, revealing where millionaires live by region.

Most (46%) live in London and the South East, while the Midlands is the second wealthiest region with 92,000 millionaires. Poorest is the North East with 14,000 millionaires.

“Despite one of the deepest recessions ever experienced by this country, these findings indicate that wealth creation is starting to recover and this trend is set to continue at a steady pace.

“We are hopeful that this will contribute to growth in the wider economy and help boost regional expansion in the coming years,” said David Semaya, Head of UK and Ireland Private Bank at Barclays Wealth.

“Even with lingering uncertainty in this new economic landscape, there are indications that confidence is returning across the regions and that an improvement in investment conditions will be one factor encouraging entrepreneurs to look at how they can grow their businesses or restructure them. Our challenge now is to help them navigate this changing environment.”

This table reveals where the UK’s millionaires live – and how their number is expected to grow by 2020:

Region Wealth in 2010 Total millionaire growth to 2020
London & South East       287,000                      35%
South West 56,000 30%
Wales 22,000 27%
Midlands 92,000 30%
North West 64,000 35%
North East 14,000 46%
Yorkshire 44,000 28%
Scotland 40,000 38%

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